Profit Sharing Plan Beneficiary
If a spouse has already consented to not being the designated beneficiary of a profit sharing plan (the beneficiary is a charity) and the plan owner wishes to transfer the profit sharing plan assets into a self directed IRA with the IRA beneficiary being the same charity, is it necessary for the spouse to sign off on the IRA as not being the beneficiary? Plan is located in the state of Oregon.
Permalink Submitted by Alan Spross on Sun, 2011-03-20 18:11
Where the plan is located is not important, it is where the spouses live. OR is NOT a community property state, therefore there is no spousal waiver required for IRA accounts.
However, if these assets were accumulated in a community property state, there may still be some legal recourse from the spouse under the laws of some states. You would have to research OR laws with respect to that, particularly since they are bordered by CP states.